ORIENT OVERSEAS (INTERNATIONAL) LIMITED PROVIDES UPDATE ON SALE OF TERMINAL DIVISION
COMPLETES SALE OF VANCOUVER AND NEW JERSEY TERMINALS TO ONTARIO TEACHERS’ PENSION PLAN BOARD
Completion of Sale of New York CONTAINER Terminal awaits consent of the NEW YORK AND NEW JERSEY Port Authority
Hong Kong, January 12, 2007 – Orient Overseas (International) Limited (“OOIL”) – HKEx: 316 – today provided an update on the sale of its Terminals Division. OOIL announced that it has completed the sale of three of the four terminals within the Terminals Division to Ontario Teachers’ Pension Plan Board. These terminals are Deltaport and Vanterm terminals in the Port of Vancouver and Global Terminal in Bayonne, New Jersey in the Port of New York and New Jersey.
OOIL also announced that it has obtained the following required regulatory approvals: early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; issuance of an Advance Ruling Certificate under the Canadian Competition Act, as amended; and approval by the Committee on Foreign Investment in the United States under provisions of the Exon-Florio amendment. The Vancouver Port Authority has also granted consent for the sale of the Deltaport and Vanterm terminals. In addition, the sale of the Terminals Division received unanimous approval from OOIL’s shareholders.
The completion of the sale of the remaining terminal being sold, New York Container Terminal on Staten Island, New York in the Port of New York, awaits consent of the New York and New Jersey Port Authority.
“We are pleased to have completed the sale of three of the four terminals to the Ontario Teachers’ Pension Plan Board,” said Nicholas Sims, CFO of OOIL. “The Board is an ideal acquirer for the terminals. They are a long-term investor who we believe can maintain a stable environment for growth and the continued success of the terminals.”
About Orient Overseas (International) Limited
Headquartered in Hong Kong, the core business of OOIL is its container liner business operated by Orient Overseas Container Line (OOCL), a wholly owned subsidiary. OOCL is one of the world's leading container transport and logistics services providers with more than 230 offices in 58 countries. Linking Asia, Europe, North America, the Mediterranean, the Indian sub-continent, the Middle East and Australia/New Zealand, OOCL offers transportation services to all major east/west trading economies of the world. OOCL is one of the leading international carriers serving China, providing a full range of logistics and transportation services throughout the country. It is also an industry leader in the use of information technology and e-commerce to manage the entire cargo process. In addition, OOIL is involved in other terminal operations and investments, as well as property investment and development.
Contacts:
For further information contact:
Nicholas Sims Chief Financial Officer (852) 2833 3111
Stanley Shen Investor Relations (852) 2833 3167
